According to data on export and import values, the trade balance of Vietnam's agricultural, forestry and fishery products in the first 11 months of 2024 is estimated to have a surplus of 16.46 billion USD, an increase of 52.8% over the same period last year.
According to the report of the Ministry of Agriculture and Rural Development, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at 5.3 billion USD, an increase of 13.9% compared to November 2023; bringing the total export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 to 56.74 billion USD, an increase of 19% over the same period in 2023. Thus, the agricultural sector has "reached the finish line" early with the target of agricultural, forestry and fishery export value of 55-56 million USD in 2024.
In 11 months, the export value of agricultural products reached 29.78 billion USD, up 23.2%; the export value of livestock products reached 475.5 million USD, up 4.4%; the export value of aquatic products reached 9.2 billion USD, up 11.8%; the export value of forestry products reached 15.59 billion USD, up 19.6%; the export value of production inputs reached 1.69 billion USD, down 5.7%; the export value of salt reached 5.3 million USD, up 2.7%.
The early completion of agricultural, forestry and fishery exports was thanks to a number of products with strong export value increases in 11 months such as: Rice reached 5.31 billion USD, up 22.4%, 2024 reached 6.66 billion USD, up 28.2%; coffee reached 4.84 billion USD, up 32.8%; tea reached 2.95 billion USD, up 17.1%; cashew nuts reached 4.01 billion USD, up 21.4%; pepper reached 1.22 billion USD, up 46.5%...
Regarding export markets by region, Asia is the largest export market for Vietnam's agricultural, forestry and fishery products with a market share of 48.2%. The next two largest markets are the Americas and Europe with market shares of 23.7% and 11.3%, respectively. The market shares of the two regions of Africa and Oceania are small, accounting for 1.8% and 1.4%, respectively. Compared to the same period last year, the estimated export value of Vietnam's agricultural, forestry and fishery products in the first 11 months of 2024 to Asia increased by 16.1%; the Americas increased by 23.6%; Europe increased by 30.4%; Africa increased by 4.4%; and Oceania increased by 13.9%.
In terms of specific markets, the United States is the leading export market with a market share of 21.7%, followed by China with a market share of 21.6% and Japan with a market share of 6.6%. These are the three largest export markets for agricultural, forestry and fishery products of Vietnam. Compared to the same period last year, the estimated export value of agricultural, forestry and fishery products of Vietnam in the first 11 months of 2024 to the United States market increased by 24.6%, China increased by 11%, and Japan increased by 5.5%.
Regarding imports, the import turnover of agricultural, forestry and fishery products in the first 11 months of 2024 reached 40.28 billion USD, up 9.1% over the same period in 2023. Of which, the import value of agricultural products reached 25.05 billion USD, up 10.7%; the import value of livestock products reached 3.4 billion USD, up 6.3%; the import value of aquatic products reached 2.32 billion USD, down 2%; the import value of forestry products reached 2.54 billion USD, up 24.2%; the import value of production inputs reached 6.93 billion USD, up 4.7%; the import value of salt reached 33.5 million USD, down 18.4%.
By region, Vietnam imports the most agricultural, forestry and fishery products from markets in Asia and the Americas with market shares of 28.7% and 24.2%, respectively. By detailed market, China, Brazil and the United States are the three largest markets supplying agricultural, forestry and fishery products to Vietnam with market shares of 9.6%, 8.1%, and 7.4%, respectively. Compared to the same period last year, the estimated import value of agricultural, forestry and fishery products of Vietnam in the first 11 months of 2024 from the Chinese market increased by 25.2%, Brazil increased by 14%, and the United States increased by 4.8%.
According to export and import data, the trade balance of Vietnam's agriculture, forestry and fishery sector in the first 11 months of 2024 is estimated to reach a surplus of 16.46 billion USD, an increase of 52.8% over the same period last year.
By commodity group, forestry, fishery and agricultural products are the three commodity groups with a trade balance surplus in the first 11 months of 2024. Specifically, the forestry group is estimated to have a surplus of 13.05 billion USD, up 18.7% over the same period in 2023; the fishery group has a surplus of 6.88 billion USD, up 17.5%; and the agricultural group has a surplus of 4.72 billion USD, up 3.1 times.
Meanwhile, the trade balance of the three commodity groups is in deficit: the production input group has a deficit of 5.24 billion USD; livestock products have a deficit of 2.93 billion USD and salt has a deficit of 28.2 million USD./.
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